In the past one year, the price of food items especially staple foods has increased significantly.
It has been adjudged that the increase in food prices is mainly due to the depreciation of the naira, conflicts across the food-producing regions of the country, high transportation costs and so on.
According to the latest food price watch for March published by the National Bureau of Statistics (NBS), certain food items have increased by over 100% year-on-year. In this article, we list the top ten food items with over 100% year-on-year increase in prices.
10. Maize grain sold loose– the average price of this food item in April 2023 stood at N339.79. However, as of March 2024, the price has increased to N729.45 per kilogram indicating an increase of 123.03% over the one-year period.
9. Rice agric sold loose– the price of 1kg of this item has in the last one year increased by 124.83%. In March 2023, the average price of the product was N613.39 but as of March 2024, the average price has risen to N1,274.72
8. Irish potato– the average price of 1kg of Irish potato in the past one year has jumped by 125.19% between March 2023 and March 2024. In March 2023, the product sold for N557.06 but has risen to N1,130.63 in March 2024.
7. Plantain (ripe)– the price of 1kg of Plantain in the last one year has increased by 136.58% between March 2023 and March 2024. It sold for N400.43 per kilogram in March 2024 and has increased to 846.5 in the same period this year according to the NBS.
6. Rice Medium Grained– buyers of this product has seen an increase of 140.68% in the last one year from selling for N597.5 per kg in March 2023 to N1361.48 for 1kg in March 2024.
5. Yam Tuber– the average price of 1kg of yam across the country in the past 12 months has increased by 141.25%. It sold for around N443.03 in March 2023 and increased to N1009.56 in March 2024.
4. Sweet Potato– the average price of 1kg of sweet potato has increased from N278.36 to N672.83 between March 2023 and March 2024. This represents an increase of 147.69% during the period.
3. Rice local sold loose– the average price of this food item per kilogram has increased from N530.08 to N1,222.97 from March 2023 to March 2024. This indicates an increase of 152.93%.
2. Plantain (unripe)– there has been a 154.66% increase in the price of this food item in the last one year from N366.44 per kilogram as of March 2023 to N858.99 in the same period of 2024.
1. Broken Rice (Ofada)– this popular staple emerged as the food item with the highest increase in the last one year at 160.83% in 12months. In March 2023, the average price of 1kg of Ofada rice was 584.95 while in March 2024, it sold on average for N1338.97.
